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Oil Prices React Stoically On Biggest Rig Count Rise In 2016

Bakken Rig

This week’s Baker Hughes figures saw the largest jump in the American natural gas and oil rig count this year.

The combined count stood 17 rigs higher than the same count last week, bringing the domestic figure to 481 rigs—a figure that is still 403 below the year-ago rig count.

Most of this week’s spike occurred in the oil rig count, which saw a jump of 15. Two new gas rigs went into production as well.

The jump came after six weeks of consecutive increases in the U.S. rig count, and could signal a recovering drilling economy despite the continuing pressure on prices.

(Click to enlarge)

Image source: Zerohedge.com

WTI stands at $44.39 at the time of this writing, up 2.07% over yesterday’s close.

The data follows last week’s U.S. oil and gas rig count increasing by a single rig, with the oil rig count jumping seven last week, offset by the gas rig count falling by five, and miscellaneous rigs falling by one.

Texas was the big winner this week, with 13 extra rigs put into production. Texas is still down 159 rigs over last year, with 230 rigs currently in production.

By basin, The Permian Basin added 12 rigs, down 66 from a year ago. Utica, Granite Wash, and Williston also each added rig, while Haynesville and Eagle Ford each lost a rig.

By Zainab Calcuttawala for Oilprice.com

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Leave a comment
  • Kr55 on August 12 2016 said:
    People seem to be realising that some tens of thousands of extra production that might come in the Permian (might still not have enough rigs to do that) months down the road won't make up for the investment destruction that is going to affect production declines across fields producing tens of millions of barrels.
  • rjs on August 12 2016 said:
    i think you'd want to use the determining adjective "the" in front of all the basin names...ie, the Utica, the Granite Wash, the Williston, the Haynesville and the Eagle Ford...it's kind of like when you're naming rivers or mountains, like the Mississippi or the Ohio or the Rockies or the Cascades...
  • rjs on August 13 2016 said:
    it might also be worth noting that this week's 3.66% increase in rigs was the largest percentage increase in drilling since 30 rigs were added to the prior week's 641 rigs on May 28th, 1993....

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